Nevada Foreclosures Rose in August, Still Down From 2011 (Embarg - 8 News NOW

Nevada Foreclosures Rose in August, Still Down From 2011

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LAS VEGAS -- New foreclosure starts in Nevada rose sharply in August compared to the previous month but remained substantially below the number recorded last year, RealtyTrac reported Wednesday night.

The company based in Irvine, Calif., reported that 1,489 new foreclosures were initiated in Nevada in August, a 39.8 percent increase from July but still 63.6 percent below the number of such filings in August 2011.

Nevada also had 668 notices of pending trustee sales and 764 bank repossessions for a combined 2,921 foreclosure filings in August, up 3.3 percent from July but down 69.8 percent from August 2011. The number of bank takeovers in Nevada was 76 percent below the level recorded in August 2011, the nation's steepest drop.

Still, Nevada had one foreclosure filing for every 402 housing units in August, fifth highest rate in the nation behind Illinois (one filing per 298 units), Florida (one per 328), California (one per 340) and Arizona (one per 360). The national average was one filing per 681 units.

"Bucking the national trend, deferred foreclosure activity boiled over in several states in August," RealtyTrac vice president Daren Blomquist said. "In judicial (foreclosure) states such as Florida, Illinois, New Jersey and New York, this was a continuation of a trend we've been seeing for several months now.

"The increases in Florida and Illinois pushed foreclosure rates in those states to the two highest in the country, supplanting the non-judicial states of Arizona, California, Georgia and Nevada. Previous to August, the nation's top two state foreclosure rates have been from those four non-judicial states every month since December 2010."

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